IRS No longer enforcing Obamacare individual mandate.

[JDAR 2]

Was just looking online and saw this. It was posted yesterday. 

http://www.reviewjournal.com/news/politics-and-government/irs-no-longer-enforcing-obamacare-individual-mandate-report-says

 

[Ash.1101 1,756]

Well, that's what I get for doing my taxes asap, could of got an extra 1200$ on my tax refund lol.

[JDAR 2]

6 minutes ago, Ash.1101 said:

Well, that's what I get for doing my taxes asap, could of got an extra 1200$ on my tax refund lol.

That sucks. I hope you manage to get it refunded.

[f f 725]

and the financial Russian roulette starts again. will I spend 20k at the hospital or will I be fine this year.

[Ben&Zian 4,398]

Thank you company health insurance plans

[Ash.1101 1,756]

16 minutes ago, JDAR said:

That sucks. I hope you manage to get it refunded.

I doubt it for some reason. The 1247$ or so was the penalty for me only having insurance for two months and my husband not having any insurance the entire year, taken out of the refund itself. I don't think there's any way to amend it  since it's was sent in mid-late Janurary and I don't see the IRS just... altering everyones tax returns and removing the penalties line. While it'd be cool to see that money back onto the tax refund, I don't expect it showing up in my bank account.  

[Ash.1101 1,756]

10 minutes ago, Ben&Zian said:

Thank you company health insurance plans

I was about 70 hours off of getting company health insurance. 1429/1500 needed from hiring date to a year from hiring date. The anniversary is next Wednesday. 

[f f 725]

25 minutes ago, Ash.1101 said:

I was about 70 hours off of getting company health insurance. 1429/1500 needed from hiring date to a year from hiring date. The anniversary is next Wednesday. 

time to work 24/7 to get that sweet sweet health care.

[ziggyzaazaa 14]

Hello, I went above and beyond and asked this question to a tax advisor in Turbo Tax and this is the response.

 

 

Will Turbotax be updated to remove ACA mandate?

I read that the IRS will not be enforcing the individual mandate and I can leave block 61 blank.  Will turbotax be updated to allow me to not answer the ACA questions?

The IRS didn't say that.  What they said is that returns without it will not be rejected if e-filed.  That doesn't mean that they won't compute it themselves, then bill you for it or offset your refund by it.

[theresaL 408]

1 hour ago, Ash.1101 said:

I was about 70 hours off of getting company health insurance. 1429/1500 needed from hiring date to a year from hiring date. The anniversary is next Wednesday. 

I know how you feel. I was 25 hours short of going over the 1000 hr per year cap for part-time adjunct's. Over 1000 hrs the University is required to offer health insurance.

 

I haven't filed our taxes yet, but the forms on the program I use still require you to enter the information concerning coverage for the year.

[Delirium 114]

1 hour ago, Ash.1101 said:

I was about 70 hours off of getting company health insurance. 1429/1500 needed from hiring date to a year from hiring date. The anniversary is next Wednesday. 

Ouch :/  a year from hiring? My company's policy is 60 days from hiring... 

[Chardon Ne' 71]

3 hours ago, Ash.1101 said:

I doubt it for some reason. The 1247$ or so was the penalty for me only having insurance for two months and my husband not having any insurance the entire year, taken out of the refund itself. I don't think there's any way to amend it  since it's was sent in mid-late Janurary and I don't see the IRS just... altering everyones tax returns and removing the penalties line. While it'd be cool to see that money back onto the tax refund, I don't expect it showing up in my bank account.  

You can always amend your taxes. 

[Ash.1101 1,756]

5 hours ago, ziggyzaazaa said:

Hello, I went above and beyond and asked this question to a tax advisor in Turbo Tax and this is the response.

 

 

Will Turbotax be updated to remove ACA mandate?

I read that the IRS will not be enforcing the individual mandate and I can leave block 61 blank.  Will turbotax be updated to allow me to not answer the ACA questions?

The IRS didn't say that.  What they said is that returns without it will not be rejected if e-filed.  That doesn't mean that they won't compute it themselves, then bill you for it or offset your refund by it.

Weird. Sucks for anyone that doesn't fill it out because of this, they'll probably get hit with the max penalty simply for not filling it out because they "don't have too"
 

5 hours ago, Delirium said:

Ouch :/  a year from hiring? My company's policy is 60 days from hiring... 

Yeah, if you work 1500 hours from hire date to a year later (in my case Feb 22nd 2016 to Feb 2017), you can get company insurance as a part time employee. If you don't make it within that time period, it'll be counted from October to October and that's your next chance to make 1500.


 

Quote

You can always amend your taxes. 

I can but I guess for me it's just the work to put into it, and well.. if I'm still penalized then there's no reason too. I was hoping that not being required to say if you had insurance or not would have also removed the penalty for not having it since you don't HAVE to say if you had it or not.

Edited February 17, 2017 by Ash.1101

[mallafri76 1,012]

8 hours ago, Ben&Zian said:

Thank you company health insurance plans

Unless you work for a small company that don't offer health insurance, in which case you're at the mercy of the ridiculously bad and expensive individual market plans.  

[piste 24]

11 hours ago, Ash.1101 said:

I doubt it for some reason. The 1247$ or so was the penalty for me only having insurance for two months and my husband not having any insurance the entire year, taken out of the refund itself. I don't think there's any way to amend it  since it's was sent in mid-late Janurary and I don't see the IRS just... altering everyones tax returns and removing the penalties line. While it'd be cool to see that money back onto the tax refund, I don't expect it showing up in my bank account.  

IRS giving money back as a bank refund ....   good luck ..... they need the money for their Christmas party, coffee and cake, then make you feel happy you get a code change and see the "benefit" over 12 months and tax you again in those 12 months each month .....  to work in safe refuge IRS. No complaining customer because a delivery is late and their life is close to an end if it does not arrive in an hour.